The average rate on the 30-year fixed mortgage remained above its record low for a sixth straight week.
According to Freddie Mac, the rate on the 30-year home loan decreased to 3.99 percent from 4 percent the previous week.
It fell to a record low of 3.94 nine weeks ago, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage was dropped to 3.27 percent from 3.30 percent.
Nine weeks ago, it hit a record low of 3.26 percent as well.
Rates have been under 5 percent for all but two weeks this year.
Mortgage rates have a tendancy to follow the yield on 10-year Treasury note.
This week, the yield increased after investors, encouraged by central banks’ joint effort to ease lending standards, shifted their money into stocks.
Treasury yields increase when purchasing activity decreases.
Source: builderonline.com